A CO2 selective dynamic two-dimensional (2D) MOF system, [Zn(glu)(μ-bpe)]·2H2O (I·2H2O) (glu = glutarate, bpe = 1,2-bis(4-pyridyl)ethylene), is prepared. Based on variable temperature PXRD patterns, I·2H2O exhibits a structural transformation of the framework upon desolvation. Various gas sorption analyses at low temperatures reveal that solvent-free I selectively adsorbs CO2 over N2, H2, and CH4. Stepped CO2 isotherms for solvent-free I with a large hysteresis between adsorption and desorption branches at 196 K indicate that I is a dynamic framework. Moreover, I·2H2O shows efficient heterogeneous catalytic reactivity for transesterification of various esters. The catalyst can be recycled multiple times without losing its original activity.